Personal loans obtained by Nigerians rose to an estimated N2.06tn in May 2026 as consumer credit continued to expand amid persistent cost pressures and weak consumer spending, according to the latest Economic Report of the Central Bank of Nigeria.

The figure, derived from data contained in the CBN’s May 2026 Economic Report, represents about 64.78 per cent of the N3.18tn total consumer credit outstanding during the month.

The report covers developments across the real, fiscal, financial and external sectors of the Nigerian economy.

According to the apex bank, consumer credit increased by 1.60 per cent from N3.13tn in April to N3.18tn in May, indicating that Nigerians borrowed an additional N50bn within one month.

The CBN attributed the increase to growth in both personal and retail loans, which rose by 1.98 per cent and 0.90 per cent respectively.

The bank said personal loans remained the largest component of consumer credit, accounting for 64.78 per cent, while retail loans represented the remaining 35.22 per cent.

Based on those proportions, personal loans stood at approximately N2.06tn at the end of May, while retail loans amounted to about N1.12tn.

The 1.98 per cent month-on-month increase in personal loans represents an increase of roughly N40bn during the period. Retail loans, which are more directly associated with the purchase of goods and services, recorded a slower 0.90 per cent increase.

The figures indicate that personal borrowing remained the main driver of Nigeria’s consumer-credit market, accounting for nearly two-thirds of outstanding consumer credit.

Economic pressures drive borrowing

The increase in borrowing occurred against a challenging economic backdrop, with the CBN reporting weak economic activity during May.

The bank’s composite Purchasing Managers’ Index stood at 49.60 points in May, slightly higher than the 49.40 points recorded in April but still below the 50-point mark that separates expansion from contraction.

The CBN said the contraction reflected subdued demand, declining new orders and elevated production costs. It also identified weak consumer spending and higher energy-related costs as major pressures on the industry and services sectors.

Inflation also remained elevated during the period. Headline inflation increased to 15.93 per cent in May from 15.69 per cent in April, with the CBN attributing the increase to persistent cost pressures and higher energy prices.

However, month-on-month inflation slowed to 1.75 per cent in May from 2.13 per cent in April.

The combination of rising consumer credit and weak consumer spending indicates that more households were turning to credit at a time when living and operating costs remained under pressure.

More Nigerians borrowing for consumption

The trend is also reflected in findings from the 2026 Access to Financial Services in Nigeria Survey by Enhancing Financial Inclusion & Advancement.

The survey found that 40.8 per cent of Nigerians borrowing from formal financial institutions now use loans mainly for coping and consumption needs, up from 31.7 per cent in 2023.

The increase of 9.1 percentage points made coping and consumption the largest purpose of formal borrowing, overtaking productive enterprise borrowing, which fell from 40.2 per cent in 2023 to 34.3 per cent in 2026.

Borrowing for household assets also declined from 25.2 per cent to 23.4 per cent.

The report warned that the shift towards consumption and coping borrowing raises concerns about whether credit is helping households build productive capacity or simply helping them manage financial pressures.

The survey covered 18,679 adults across Nigeria’s 36 states and the Federal Capital Territory, with data collected between April and June 2026 under the supervision of the National Bureau of Statistics.

Formal credit use increased from six per cent of adults in 2023 to 10 per cent in 2026, representing about 11.9 million Nigerians borrowing from regulated financial institutions.

When informal sources were included, 36 per cent of adults had access to some form of credit.

Credit use among informally employed Nigerians tripled from five per cent to 15 per cent during the period. Among Nigerians aged between 18 and 35, borrowing increased from four per cent to 10 per cent.

Borrowing among business owners also rose from four per cent to 10 per cent, while farmers recorded an increase from two per cent to six per cent.

Borrowers face repayment pressure

Despite the increase in access to credit, the survey highlighted significant financial stress among borrowers.

About 45.8 per cent of formal-credit users reported experiencing some or serious repayment stress, while 83.8 per cent reported ongoing financial stress.

The findings suggest that the growth in credit access has not necessarily translated into improved financial wellbeing for many Nigerians.

The survey also found that overall financial inclusion had reached 79 per cent, equivalent to about 94.2 million adults, while formal financial inclusion stood at 73 per cent.

However, only about one-quarter of Nigerian adults were considered financially healthy.

EFInA Chief Executive Officer, Foyinsolami Akinjayeju, said the findings showed that Nigeria needed to look beyond simply increasing access to financial services and focus on whether those services were improving people’s financial wellbeing.

EFInA Board Chairman, Dr Agnes Martins, similarly said access to financial services should be viewed as the beginning rather than the ultimate objective of financial inclusion.

The latest CBN figures therefore show a continued expansion in consumer credit, while the financial inclusion survey highlights a shift in the reasons Nigerians are borrowing, with a growing share turning to loans to cope with household pressures and consumption needs.

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Nigerian households became more pessimistic about their economic and financial conditions in September 2026, with a corresponding decline in their willingness to make major purchases, including houses, investments and other high-value items.

The development was contained in the latest Central Bank of Nigeria Household Expectations Survey, which showed that overall consumer sentiment fell to -18.7 index points in September, from -9.9 points in August.

The CBN said the decline reflected weaker household expectations about the economy, family finances and income, while essential expenses continued to take priority over major purchases.

Nigerians reluctant to buy homes

The survey showed that households remained hesitant to commit substantial portions of their income to major purchases.

The outlook index for house purchases stood at -68.2 points in September, making housing one of the areas with the strongest negative sentiment among the major purchase categories surveyed.

The outlook for acquiring cars and other motor vehicles stood at -67.3 points, while investments recorded -50.7 points. Household appliances and other consumer durables recorded -49.5 points, while the outlook for rent stood at -32.0 points.

The CBN said the figures showed that households were reluctant to spend large portions of their income on houses, vehicles and investments.

Buying conditions also remained below the 50-point threshold, which the survey uses to distinguish favourable from unfavourable conditions.

For September, respondents’ buying-condition indices for consumer durables, motor vehicles and buildings and landed properties stood at 19.4, 15.7 and 14.8 points, respectively.

The figures point to continued caution among households considering property purchases, at a time when income pressures and high living costs are competing with long-term spending plans.

Household confidence weakens

The overall consumer sentiment index declined by 8.8 points during the month.

The CBN’s index for current economic conditions stood at -21.5 points, indicating a negative assessment of prevailing economic conditions among households.

The Family Financial Situation Index was also negative at -23.9 points, while the Family Income Sentiment Index stood at -10.5 points.

The figures indicate that respondents remained concerned about both their household finances and income levels.

However, households expected conditions to improve gradually over a longer period.

Consumer sentiment was projected at -8.7 points for the following month and -0.4 points over the next three months. Over the six-month horizon, the index was projected to turn positive at 7.1 points.

The CBN said the expected improvement suggested that household willingness to spend could strengthen gradually if economic conditions improve.

Rising prices influence household priorities

The survey also showed that households perceived prices to be rising more strongly in September.

The Consumer Sentiments Index for average prices of selected items increased to 33.5 points in September, from 23.0 points in August.

The CBN said the increase indicated that households perceived the prices of selected goods and services to be high.

With household budgets under pressure, respondents continued to prioritise essential spending.

Food remained the dominant expenditure priority, followed by transportation, other household goods, education, electricity and water.

These categories were also expected to remain among the main areas of household expenditure over the following three and six months.

Housing demand faces affordability pressure

The weaker appetite for home purchases comes against a broader backdrop of pressure on household purchasing power and borrowing costs.

The CBN’s survey indicates that households are prioritising immediate necessities, leaving less room for major financial commitments such as buying homes, investing or acquiring property.

The reluctance is reflected not only in the negative outlook for house purchases but also in the low buying-condition index for buildings and landed properties.

For the housing sector, weaker household purchasing intentions can affect demand for residential properties, particularly where prospective buyers depend on savings or mortgage financing to complete purchases.

The CBN’s Monetary Policy Committee reduced the Monetary Policy Rate to 23 per cent at its September 21–22, 2026 meeting, down from 26.5 per cent previously. The committee also retained the Cash Reserve Requirement for deposit money banks at 45 per cent.

Despite the change in the policy rate, the household survey shows that consumers remained cautious in September, with financial concerns and perceptions of high prices continuing to influence spending decisions.

Essential spending remains dominant

The CBN survey further showed that households continued to concentrate their available income on necessities rather than discretionary and long-term purchases.

Food remained the leading expenditure priority, while transportation, household goods, education, electricity and water also featured prominently.

This spending pattern suggests that households are continuing to manage limited disposable income by prioritising immediate needs.

The CBN said sentiment across most expenditure categories was expected to strengthen slightly over the following six months, pointing to the possibility of a gradual improvement in household spending intentions.

For now, however, the September survey shows that housing, investments, vehicles and other major purchases remain areas where Nigerian households are exercising significant caution.

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The International Monetary Fund (IMF) has urged Nigeria and other major African economies to strengthen fiscal, monetary and governance reforms as part of efforts to improve economic stability and promote broader-based growth.

In its assessment of reform priorities across eight of the African Union’s largest economies, the IMF identified fiscal reform as a key priority in all but one of the countries reviewed. For Nigeria, the areas highlighted include tax policy, revenue collection, public financial management and more efficient government spending.

The Fund also identified improvements to monetary policy frameworks and policy transmission as priorities for Nigeria, Egypt and Ethiopia. In Nigeria’s case, it said governance reforms should include stronger fiscal transparency, better public financial management and improved anti-corruption measures.

The IMF said stronger domestic revenue mobilisation and more transparent and efficient public spending would help African economies build more resilient institutions. It argued that stronger fiscal and monetary frameworks can support sustainable and inclusive economic growth.

Nigeria’s tax reform agenda

The recommendations come as the Federal Government continues to implement a wide-ranging reform of Nigeria’s tax system. The new framework, which took effect in January 2026, is built around the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act.

The reforms are intended to simplify tax administration, remove overlapping taxes, improve compliance and broaden government revenue. They are also designed to reduce the regulatory and tax burden on smaller businesses.

However, businesses continue to cite taxation as a major operating challenge. The Central Bank of Nigeria’s July 2026 Business Expectations Survey found that 70.8 per cent of respondents identified high and multiple taxation as their biggest constraint, ahead of insecurity and high interest rates.

For the housing and construction sectors, the quality of fiscal policy has direct implications. Developers, contractors and property businesses operate within a wider environment shaped by taxation, public infrastructure spending, interest rates and access to finance. Changes that improve tax administration while reducing unnecessary duplication could affect project costs and investment decisions.

Monetary policy remains a concern

The IMF’s call for stronger monetary policy frameworks follows an aggressive tightening cycle by the Central Bank of Nigeria (CBN) in recent years.

After Olayemi Cardoso became CBN governor in 2023, the bank pursued tighter monetary and liquidity conditions alongside foreign exchange reforms. The measures were aimed at addressing inflationary pressures, strengthening market confidence and improving macroeconomic stability.

The Monetary Policy Rate stood at 18.75 per cent in 2023 before the CBN began raising it in 2024. The benchmark rate increased to 22.75 per cent in February 2024 and eventually reached 27.5 per cent by the end of that year.

The CBN also increased banks’ Cash Reserve Ratio from 32.5 per cent to 45 per cent in early 2024 and later to 50 per cent as part of efforts to reduce excess liquidity.

The policy environment has since moved towards gradual easing as inflationary pressures moderated and economic conditions improved. Presidential aide Tope Fasua has nevertheless argued that the country should reconsider its tight monetary stance, warning that persistently high interest rates could restrict economic expansion without delivering the desired reduction in inflation.

Financing risks and infrastructure

The IMF’s concerns also extend to Nigeria’s approach to sovereign financing. In June, the Fund cautioned the country over plans to raise as much as $5 billion through a derivatives-based financing arrangement with First Abu Dhabi Bank.

The IMF warned that such structures can expose governments to significant risks because their terms may be difficult to evaluate fully.

The Federal Government has also secured about $1.2 billion in financing from the United Arab Emirates for construction of a major section of the Lagos–Calabar Coastal Highway.

Infrastructure financing remains important to Nigeria’s wider development prospects because transport networks and public investment influence access to housing, construction activity, land values and the expansion of urban centres.

For Nigeria, the IMF’s recommendations therefore extend beyond macroeconomic indicators. Stronger public finances, effective monetary policy, transparent governance and disciplined infrastructure financing can shape the operating environment for businesses and determine how effectively public resources support economic and urban development.

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Nigeria’s inflation picture is showing mixed signals as headline inflation continues to slow while food prices rise at a much faster rate.

The National Bureau of Statistics (NBS) reported a 50-basis-point decline in headline inflation to 15.43 per cent in July. At the same time, food inflation climbed from 17.52 per cent to 20.31 per cent.

The latest figures suggest that the easing in overall inflation has not yet translated into lower food costs for households. Food remains one of the largest expenses for many families, making the increase a major concern for household purchasing power.

Building Material Prices Surge as Inflation, FX Crisis Push Construction Costs Higher

Food inflation records sharp monthly increase

Food inflation also recorded a significant month-on-month increase in July.

The rate reached 5.56 per cent, compared with 3.75 per cent in June and 2.98 per cent in May. This marked the strongest monthly increase since the rebasing of the Consumer Price Index.

The year-on-year trend has also moved higher for six consecutive months. Food inflation started the year at 8.9 per cent but has since more than doubled.

The latest increase adds to concerns that food prices could remain a major source of pressure even as other parts of the inflation basket begin to stabilise.

Core inflation offers some relief

Core inflation provided a different picture in July.

The measure fell to 14.97 per cent, its lowest level since January 2025. The decline could support the Central Bank of Nigeria’s assessment that underlying price pressures are gradually becoming more stable.

The Monetary Policy Committee has maintained the Monetary Policy Rate between 26.5 and 27.5 per cent over the past year.

Money balances increased from N117.24 trillion to N133.25 trillion by June, representing year-on-year growth of 13.7 per cent. Private-sector credit also rose from N76.13 trillion to N83.26 trillion during the period.

The August inflation report will provide the MPC with newer data before its September meeting.

Transport costs add to food prices

High transport and energy costs remain important factors behind the food price increase.

Diesel prices have almost doubled since the end of February, according to the report. Diesel is widely used by logistics operators, making changes in its price important for the cost of moving agricultural goods.

Petrol prices have also increased by about 50 per cent since early March. Higher fuel costs can raise the cost of transporting food from farms to wholesale markets and then to consumers.

Insecurity in major food-producing areas has also created supply challenges. Economists, including Centre for Promotion of Private Enterprise Chief Executive Dr Muda Yusuf, have identified insecurity and logistics problems as structural issues affecting food prices.

Heavy rainfall may have added further pressure by making road transport and food distribution more difficult.

State inflation rates show wide gaps

The national inflation figure also hides major differences between states.

Adamawa recorded the highest headline inflation rate in July at 33.03 per cent. Yobe followed with 25.2 per cent, while Anambra recorded 24 per cent.

Nasarawa had the lowest headline inflation rate at 7.9 per cent. Kebbi and Borno followed with 9.1 per cent each.

Food inflation was particularly high in Adamawa, where it reached 51.4 per cent. Katsina recorded 30.8 per cent, while Zamfara posted 30.7 per cent.

The NBS has warned that state-level inflation figures should not be compared directly because household spending patterns vary across locations.

Housing costs face indirect pressure

The continuing rise in food prices also has wider implications for Nigeria’s housing sector.

When families spend more on food and transport, they have less money available for rent, mortgage payments, savings and home purchases. This can make housing affordability more difficult, especially for low- and middle-income households.

Developers also face higher operating costs when fuel, transport and other inputs become more expensive. These costs can affect construction budgets and, ultimately, the prices of new homes.

The July inflation figures therefore present a mixed outlook. While lower headline and core inflation point to improving price stability, rising food costs show that many Nigerians continue to face strong pressure on their household budgets.

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The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of insured deposits to customers of 46 microfinance banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN). The move is part of the corporation’s statutory responsibility to protect depositors and ensure confidence in Nigeria’s financial system.

According to the NDIC, eligible depositors are receiving their insured deposits through an automated payment process linked to their Bank Verification Numbers (BVNs) and alternative bank accounts. The corporation explained that this approach is intended to speed up reimbursements and reduce the need for customers to visit its offices physically.

The corporation also disclosed that it has intensified efforts to recover outstanding loans and dispose of the assets of the failed institutions. These recoveries are expected to fund additional payments to depositors whose account balances exceeded the maximum insured limit provided under the NDIC Act.

The 46 microfinance banks lost their licences after the CBN determined that they no longer met the regulatory requirements for continued operation. Following the revocation, the NDIC automatically assumed the role of liquidator, taking responsibility for closing the institutions, verifying claims, reimbursing depositors, and managing the liquidation process in accordance with the law.

The NDIC urged affected customers to cooperate during the claims process and ensure that their banking information is accurate to facilitate prompt payment. It also warned members of the public against carrying out transactions with the affected institutions or interfering with their records and assets, noting that such actions could attract legal sanctions.

Financial analysts said the prompt settlement of insured deposits is critical to maintaining confidence in Nigeria’s banking system, particularly within the microfinance sector, which provides financial services to millions of small businesses, traders, and low-income households. They noted that an effective deposit insurance system helps protect savers while reinforcing financial stability.

Stakeholders also believe that the orderly liquidation of failed financial institutions demonstrates the effectiveness of Nigeria’s financial safety framework. They stressed that strong regulatory oversight, prudent risk management, and prompt depositor protection remain essential to safeguarding public trust and ensuring the resilience of the country’s banking sector.

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The maximum lending rate charged by Nigerian banks declined to 33.16 per cent, according to the latest financial sector data, signalling a slight easing in borrowing costs for businesses and individuals. The development reflects ongoing adjustments in the country’s credit market as financial institutions respond to changing economic conditions and monetary policies.

The latest figures indicate that while lending rates remain relatively high, the marginal decline could provide some relief for businesses seeking access to credit for expansion, investment, and working capital. However, industry analysts note that borrowing costs continue to be influenced by inflation, liquidity conditions, and the Central Bank of Nigeria’s monetary policy stance.

Financial experts explained that lending rates are determined by several factors, including the cost of funds, credit risk, operating expenses, and prevailing benchmark interest rates. They added that improvements in macroeconomic stability and lower inflation could contribute to further reductions in lending costs over time.

Businesses, particularly small and medium-sized enterprises (SMEs), have consistently advocated for lower lending rates to improve access to affordable financing and stimulate economic growth. Reduced borrowing costs are expected to support investment, increase production, and create employment opportunities across key sectors of the economy.

Despite the slight decline in the maximum lending rate, analysts caution that access to affordable credit remains a challenge for many businesses due to stringent lending requirements and broader economic uncertainties. They urged continued financial sector reforms aimed at improving credit availability while maintaining financial system stability.

Market observers believe that sustained improvements in economic indicators and prudent monetary management could encourage a more favourable lending environment, supporting private sector growth and enhancing Nigeria’s overall economic performance.

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How Infrastructure Deficit Stalls Growth in Real Estate can often be worsened by wider monetary policy confusion, prompting the Central Bank of Nigeria (CBN) on Wednesday, July 8, 2026, to issue a stern directive verifying that both the standard and commemorative centenary ₦100 banknotes remain valid legal tender. In a circular released from its Abuja headquarters, the apex bank addressed spreading market anxieties following widespread reports of retailers, landlords, and informal traders unlawfully rejecting the older, standard paper bills. The economic regulator clarified that the centenary commemorative note was designed to circulate concurrently alongside—rather than serve as a replacement for—the original denomination.

Financial authorities strongly cautioned commercial institutions, property managers, and retail businesses that refusing to accept legally issued national currency constitutes a direct violation of Section 20(5) of the CBN Act. Regulatory executives emphasized that such arbitrary actions distort everyday downstream transactions, lower consumer purchasing power, and cause unnecessary frictions within commercial real estate, logistics, and commodity markets. To maintain transaction stability and protect macro-economic confidence, the monetary authority announced that it has deployed nationwide compliance monitoring teams to identify and penalize defaulting organizations.

Moving forward, the apex bank urged members of the public to confidently carry out their daily financial transactions using either version of the ₦100 currency denomination. Officials reiterated that the bank remains fully committed to maintaining the integrity of the naira while ensuring an uninterrupted flow of physical liquidity across all local supply chains. Members of the public encountering resistance at retail outlets or corporate real estate desks have been directed to report non-compliant entities directly through official financial regulatory enforcement channels to prevent localized trade disruptions.

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The Nigerian Naira maintained relative stability against the United States Dollar during Tuesday’s trading session, holding firmly within its recently established horizontal corridor. Official transaction data published by the Central Bank of Nigeria (CBN) revealed that the local legal tender settled at an average reference rate of ₦1,379.80 per Dollar at the close of business. Financial analysts tracking the market noted that this performance highlights a period of minor consolidation for the domestic currency as supply side variables adjust to seasonal requirements.

Operating metrics within the official Nigerian Foreign Exchange Market (NFEM) indicated that commercial orders consistently cleared inside a narrow band between ₦1,370 and ₦1,380 per Dollar. The calculation of this daily baseline relies on a comprehensive volume-weighted average across all verified banking transactions, making it the supreme national parameter for currency valuations. Currency analysts observed that local market dynamics remain strongly anchored by ongoing institutional interventions, neutralizing potential macroeconomic shocks and matching domestic demand patterns.

Concurrently, parallel alternative channels—frequently referred to as the black market—witnessed marginal deviations based on logistical constraints and transactional volumes across varying geographical zones. In major urban trading hubs, Bureau De Change operators offered procurement quotations hovering near ₦1,390 per Dollar for institutional purchases, while secondary consumer liquidation rates shifted between ₦1,400 and ₦1,405 per Dollar. Financial market experts suggest that the minimal discrepancy existing between official and alternative windows indicates healthier market liquidity and diminished speculative pressure across the broader economy.

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Despite ranking second worldwide in grassroots cryptocurrency integration, a distinct public hesitation persists among digital currency users across Nigeria. While conventional investment instruments such as real estate, domestic equities, and mutual funds are widely discussed in mainstream financial circles, digital asset owners frequently face persistent social friction. Industry data from the Chainalysis Global Crypto Adoption Index demonstrates that millions of local citizens routinely deploy decentralized assets to execute routine transactions, manage cross-border commerce, and preserve capital. This mismatch highlights a substantial divide between public perception and actual economic utility within the country.

The underlying societal discomfort is heavily linked to historical market vulnerabilities, including legacy fraudulent operations and speculative asset failures that heavily dominated early media coverage. These negative associations created an environment where the broader digital currency industry is frequently assessed by its most problematic actors rather than its economic functionality. For everyday operators, however, the technology serves as a practical mechanism to bypass structural inefficiencies within traditional banking frameworks, especially during periods of intense local currency volatility.

This transactional landscape is undergoing further transition as national regulatory bodies introduce more formalized operational frameworks. Recent policy adjustments by the Securities and Exchange Commission along with structured updates from the Central Bank of Nigeria have established clearer legal parameters for digital asset providers. Compliance executives note that as formal regularisation deepens, consumer confidence is steadily increasing. Consequently, the sector is gradually moving away from peripheral status toward a more structured, transparent framework designed to support digital payments while actively mitigating consumer risk.

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Nigeria’s current account surplus climbed to $4.98 billion in the first quarter of 2026, reflecting improved export earnings and a stronger external sector performance.

Data released by the Central Bank of Nigeria showed that the surplus was largely supported by increased receipts from crude oil, natural gas, and refined petroleum exports. The development highlights the continued importance of the energy sector in strengthening the country’s foreign exchange earnings and overall trade position.

Crude oil exports generated $8.11 billion during the quarter, representing a significant increase compared to the previous quarter. Gas exports also recorded growth, reaching $2.53 billion, while earnings from refined petroleum product exports rose to $2.37 billion. The figures indicate sustained demand for Nigerian energy products in international markets.

Non-oil exports also contributed positively to the country’s external account, increasing by 4.62 percent to $2.49 billion. The improvement reflects gradual diversification efforts aimed at reducing dependence on crude oil revenue and expanding foreign exchange earnings from other sectors.

On the import side, Nigeria recorded a substantial decline in refined petroleum product imports, which fell by 87.5 percent to $310 million from $2.48 billion in the previous quarter. Analysts attribute the sharp reduction to increased domestic refining capacity and changing supply dynamics within the petroleum sector.

Non-oil imports also declined by 10.49 percent to $7.85 billion, helping to strengthen the country’s trade balance. However, crude oil imports increased to $1.39 billion during the period compared to $340 million in the preceding quarter.

Economic analysts note that the strong current account position provides support for external reserves, exchange rate stability, and investor confidence. The performance also reflects the impact of stronger export receipts and improved trade flows during the quarter.

The latest figures add to a series of positive indicators within Nigeria’s external sector, with recent reports showing improvements in trade balances and export earnings driven primarily by oil and petroleum-related products.

While the energy sector remains the primary driver of export growth, experts continue to emphasize the need for broader diversification of the economy to ensure sustainable growth and reduce exposure to fluctuations in global oil prices.

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